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  Event

  Money, Finance, and Economic Strategies in Fractured Times | 32nd Annual Conference

  We are excited to announce that the 32nd Annual Levy Economics Institute Conference, Money, Finance, and Economic Strategies in Fractured Times, will be returning as an in-person event on Monday, June 16, 2025. The conference will take place on the Bard College campus in Annandale-on-Hudson, NY. This year’s annual conference will feature panels on Minskyan analyses […]
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  Policy Talks: The Climate Case for a Job Guarantee

  Levy President Pavlina R. Tcherneva presented Wednesday, January 15 at at the Central European University’s Department of Public Policy. In this installment in their Policy Talks Series, Tcherneva covered the Job Guarantee within the context of the climate crisis.   The climate crisis will wipe out millions of jobs long before the feared robots do. […]
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  Watch L. Randall Wray on Entrepreneur, Among Other Things

  Senior Scholar L. Randall Wray discusses US Debt and its importance (or lack thereof) with Entrepreneur, Among Other Things.   
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  Working Paper No. 1074

  Political Conflict, Green Capabilities, and Growth Patterns in a Kaleckian Small Open Economy

  The paper presents a Kaleckian extended model exploring sustainable development, defined as growth that is economically stable, socially inclusive, and environmentally respectful. The model links CO2 emission trends with public investments in green capabilities, represented by the share of renewables in total energy supply. It incorporates three key actors: green capitalists (G), brown capitalists (B), […]
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  Working Paper No. 1073

  Frankenstein in Fact and Fiction

  This paper is based on remarks delivered at the EDI Keynote Lecture at Bard College, November 19th, 2024: ‘Frankenstein in Fact and Fiction.’ View a recording of the lecture on YouTube. As we all know, Frankenstein was the scientist in Mary Shelley’s 1818 novel of the same name, who invented a human machine—intended to be a […]
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  Working Paper No. 1072

  Macro-Financial Models of Canadian Dollar Interest Rate Swap Yields

  This paper analyzes the dynamics of Canadian dollar–denominated (CAD) interest rate swap yields. It applies autoregressive distributive lag (ARDL) models, using monthly time series data, to estimate the effects of the current short-term interest rate and other relevant macro-financial variables on interest rate swap yields. It shows that the current short-term interest rate is a […]
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  Working Paper No. 1071

  Tilting at Windmills

  Originally issued as EDI Working Paper No. 14, May 2023 The Central Bank of the United States, the Federal Reserve, has a dual mandate to maintain both full employment and price stability. However, inflation-fighting had always eclipsed the full employment objective without much accountability. Today, the Federal Reserve provides regular testimony before Congress on how […]
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  Working Paper No. 1070

  Notes on Money as Technology

  Originally issued as EDI Working Paper No. 20, June 2024 Scholars and affiliates of the Levy Economics Institute have long demonstrated a granular understanding of the “operations” of money, which entails understanding the financial system’s law and technology (Grey 2019, Tymoigne 2014, Fullwiler 2010, Bell and Wray 2002-3, Bell 2000). During the dot-com bubble, many […]
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  Working Paper No. 1069

  Tax Credits Are Industrial Policy

  Originally issued as EDI Working Paper No. 19, March 2024 The Inflation Reduction Act (IRA) is criticized for “derisking” private investment by increasing the gains to private firms. The derisking critique argues that the IRA insufficiently disciplines private firms; it does not utilize legal or financial penalties which would force firms to undertake green investment […]
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  Working Paper No. 1068

  Monetary Power and Vulnerability to Sovereign Debt Crises

  Originally issued as EDI Working Paper No. 17, March 2024 This paper challenges the prevailing view in the sovereign debt literature by arguing that sovereign debt markets, in many respects, behave similarly to other credit markets. These markets are hierarchical rather than flat, inherently hybrid in nature, blending elements of public order and private markets, […]
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  Working Paper No. 1067

  Revisiting the Foreign Debt Problem and the “External Constraint” in the Periphery

  Originally issued as EDI Working Paper No. 16, March 2024 Most debates and policy proposals about Global South countries’ external debt problem take for granted the view that it is normal for their governments to issue debts denominated in foreign currencies. This paper tries to challenge this widely held and usually unquestioned assumption by relying […]
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  Working Paper No. 1066

  Job Guarantee Program and the Kaleckian Dilemma

  Originally issued as EDI Working Paper No. 10, November 2023 Minsky (1965) has presented the Job Guarantee program as a recommendation in the war against unemployment and poverty. Kalecki (1943), on the other hand, argued that the full employment situation could be technically feasible but politically hard to implement due to the class struggle, resulting […]